I have tried to match up the tax brackets that the Liberal Party announced as their election kick off with data for who is paying income tax from the 2003-2004 ATO Tax Statistics Report. This was the most up to date rundown of tax numbers I could find that were publicly available.
It isn't perfectly close, but near enough, despite the aged data of the net tax.
It isn't perfectly close, but near enough, despite the aged data of the net tax.For comparison the Liberal Party brackets to how the ATO report had them ordered. The Liberal party policy:
$0 - $6,000The nearest I could get to them from the ATO data:
$6,001 - $34,000
$34,001 - $80,000
$80,001 - $180,000
$180,001 +
$0 - $8,243The tax in the graphs is net tax for that bracket, not the cumulative tax amounts. From that data I really question the need for the 15c and 40c brackets. Income tax may as well just be collapsed into 0c, 30c and 45c; or 0c, 30c and 42c. Even simpler, just have a 30c bracket and have some form of high-end property tax. However, it is obvious that the government is fat off the middle class. A policy of tax relief may be better served by splitting the 30c bracket into two, say a 23c one and 30c one, that would bring tax gains to a large number of tax payers. Update A similar analysis of the Labor Party tax policy.
$8,244 to $33,692
$33,693 to $81,134
$81,135 to $187,591
$187,592 +
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